Yoni Titi Human Capital Evolution took six years before venturing into leadership coaching to horizontally introduce a new business offering without tarnishing the core of the brand.
The founder and chief executive of the business, Yoni Titi, believes that every company should not rush introducing new services to their menu without critically thinking if the new item aligns to their core business offering.
In this episode, the businesswoman shared her experience and knowledge on defining your business with broadcast journalist Rofhiwa Madzena.
Titi said every business person needs to describe their business offerings and services in less than 60 seconds, and if they cannot do it, they should reconsider their model and start thinking of what their business really offers.
She explained that most entrepreneurs rush into diversifying their businesses without linking their offerings to their core business. There is a time to consider diversifying your business as part of growth, but every new introduction needs to compliment the roots of the company. This type of business growth is effective in attracting new business partners and enlarging the target market.
She said entrepreneurs who have various ideas but cannot consolidate them into a market should do some introspection and think about how their ideas can complement each other.
“The starting point is to dream it, test it and then apply it. Entrepreneurs sometimes jump into the execution of wanting to run that business without necessarily testing the concept itself,” said Titi.
She advised that business people with vast ideas carefully weigh the importance of their services in their specific markets and let go of the least important idea that neither helps grow the business or attract any market.
“Be sure that there is a need for what you’d like to offer and that there’s a market identified for that offering or for that product,” said Titi.